I read somewhere that the Monday after options ex is usually a down day, which would explain what's going on now. Alo coming up are treasury auctions this week (I will post the schedule as soon as I get it) and, of course, the ever popular FOMC. I expect we will hear the usual "the economy is better but we are leaving rates at zero" routine. Apparently dollar shorts are covering ahead of the meeting, as the dollar has firmed up as everything the dollar is measured against is getting smacked. 1075 is the new top on the SPX. My best guess at a pivot was the low at 1061, putting the bottom of the range at 1049. So far we are finding support at 1057, we will have to watch to see if that changes anything. Weakness is in commodity related sectors XLB and XLE, strength is XLV, which is way out in the lead. The Nasdaq is leading this morning, and the Russell 2000 is lagging.
I have 78 new highs this morning, but nothing looking like a good breakout so far. There was nothing on either watchlist reporting this morning, but among notables were LEN, down 6%. SNX from the earnings list is scheduled to report this afternoon.
Charts courtesy of stockcharts.com